Twenty-nine banks cut deposit rates after central bank meeting

Since the State Bank of Vietnam (NHNN) governor’s meeting on April 9, the trend of lowering mobilization deposit rates has spread across Vietnam’s banking system. NHNN said that as many as 29 commercial banks have adjusted rates downward, with several institutions cutting deeply and, in some cases, applying multiple reductions within a short period.

State-owned banks cut rates

Four state-owned banks—Vietcombank, Agribank, VietinBank and BIDV—made notable adjustments.

• Vietcombank reduced the deposit rate by 0.50 percentage point per year for the 24-month tenor, bringing the top rate to around 6% per year.
• Agribank cut 0.50 percentage point for terms of 24 months and longer, down to about 6.5% per year.
• VietinBank reduced 0.50 percentage point for 24–36 month terms at the counter.
• BIDV cut the most among the group, trimming 0.80–0.90 percentage point across many tenors from 6 to 36 months, pushing rates to roughly 5.8–6% per year.

Private banks begin cuts from April 10

In the private commercial banks group, adjustments started on April 10.

• VPBank cut across the board by 0.30–0.50 percentage point for 6–36 month terms. The 6–9 month tenor dropped sharply by 0.50 percentage point to 6.1% per year.
• SeABank lowered 0.20–0.30 percentage point for 6–36 month tenors.
• BVBank trimmed 0.50 percentage point for longer tenors of 15–36 months.
• Techcombank also lowered 0.50 percentage point for 6–36 month tenors.
• Sacombank reduced 0.50 percentage point for 12–18 months.
• Eximbank for the first time cut by 0.50 percentage point for 18–36 months.
• LPBank was among the biggest movers, trimming 0.40–1.00 percentage point for 6–36 months, with the 36–60 month cut reaching 1 percentage point.

Some banks cut multiple times

Beyond single adjustments, several banks made multiple cuts in quick succession.

• SeABank, after its initial cut, continued to lower rates by 0.20 percentage point for 6–36 months only a few days later.
• MSB also implemented a second cut of up to 0.50 percentage point for the 36-month tenor.

The NHNN assessment noted that such rapid multiple reductions are rare in this round.

Further cuts continue in recent days

The downward trend has continued. NHNN said that OCB cut by 0.20–0.50 percentage point for 6–36 months, while PVcomBank trimmed by 0.50 percentage point for the same tenure range. Bac A Bank and MSB also reduced further by 0.10–0.20 percentage point.

Impact and system-wide consensus

NHNN said the growing number of banks proactively adjusting deposit rates at a rapid cadence reflects a high level of consensus within the system to follow policy direction. This, in turn, is expected to contribute to a lower cost of borrowing for businesses and support economic growth.